William Blair: Coinbase’s stock price saw its “risk reduced” after the sell-off; USDC growth is favorable for its outlook with Circle

Mars Finance News, April 13 — According to The Block on April 13, investment bank William Blair released a report stating that the stock price of Coinbase, a cryptocurrency trading platform, has appeared “de-risked” after the sell-off in the first quarter. Currently, Coinbase’s stock price has fallen by about 60% from its historical peak of $445 in July 2025. The report notes that market expectations for weak trading volume and revenue for Coinbase have already been reflected in the stock price. Its “All-in-One Trading Platform” product line (including derivatives, staking, stock trading, and prediction markets) is strengthening its competitive advantage. The key bullish factor is the growth of USDC. Data shows that USDC’s share in the $300 billion stablecoin market has risen from about 21% in 2024 to around 27% currently, continuously taking market share from Tether’s USDT. William Blair believes the widespread adoption of USDC is mutually beneficial for Coinbase and its issuer Circle, and it is optimistic about Circle’s outlook. In addition, the firm says that a continued downturn in the crypto market over the next one or two years is a “low-probability event,” and that if the market rebounds, Coinbase will provide “asymmetric upside potential.”